Blue Diamond Fails to Sell at Sotheby's

RAPAPORT... A blue diamond estimated at up to $30 million failed to finda buyer at Sotheby's in New York on Tuesday. The pear-shaped, 10.62-carat, fancy-vivid-blue, VVS1-claritydiamond had a presale valuation of $20 million to $30 million. Anotherpear-shaped stone - a 2.76-carat, fancy-intense-purple-pink diamond - also remainedunsold at the auction. It was estimated at $1.3 million to $1.6 million. Proceeds at the New York Magnificent Jewels auction came to$46.4 million. A collection of Barbara Sinatra's jewels sold out, with a 20.60-carat, D-color, VVS1-clarity diamond engagement ring fetching $1.7 million, beating its presale estimate of $1 million to $1.5 million. Two Van Cleef & Arpels pieces belonging to the wife oflegendary singer Frank Sinatra also sold: A pair of mystery-set ruby anddiamond pendant earclips garnered $362,500, well above their estimate of $100,000 to$150,000, while a mystery-set ruby and diamond butterfly brooch went for$567,000, exceeding its valuation of $125,000 to $175,000. Other notable items at the sale included acushion-cut, 51.52-carat, F-color, internally flawless Harry Winston diamond ring, which went for $4 million, or $77,154 per carat. The piece had apresale value of $3.5 million to $4.5 million. An emerald-cut, 25.03-carat,D-color, flawless diamond ring garnered $3.5 million ($139,632 per carat),compared to an estimate of $2.9 million to $3.5 million. "Our results demonstrate the timeless appeal of diamonds andcontinued appetite for exceptional colored gemstones and signed jewels fromjewelry lovers and connoisseurs all over the world," said Gary Schuler,chairman of Sotheby's jewelry division in the Americas. A cut-cornered rectangular step-cut, 6.46-carat, fancy-orangey-pink,VVS2-clarity diamond achieved $206,656 per carat. The ring went for$1.3 million against its estimate of $600,000 to $800,000. Colored gemstones were also popular at the sale, as was thecollection of Happy Rockefeller - philanthropist and wife of former US vicepresident Nelson Rockefeller - which sold out in full. Image: The unsold 10.62-carat blue diamond ring. (Sotheby's)